Global Fraud Protection is a company that specializes in uncovering online financial schemes and assisting victims in getting their funds back.
Our primary focus is scam brokers, since every year thousands of people lose money to fraudulent investment firms. While exposing scammers, we thrive on assisting as many victims as possible and helping them recover stolen funds. In May 2022, we uncovered over 30 different scam brokerages and assisted hundreds of their customers.
We take pride in showing you all the details. While some companies seem legitimate, there are hidden Terms and Conditions. Others don’t even bother to look legal; instead, they don’t publish any relevant information regarding headquarters and jurisdiction.
This is why we’re here, to ensure that each client gets all the details and recognizes the scheme immediately. Here’s an overview of our work in May and a short recap of everything we discovered.
Fraudulent Brokerage Companies To Avoid – May 2022 Report
We’ve created a comprehensive list of scam companies to avoid. Instead of trying and falling victim, read through our article. It will help you understand how scammers conduct their business.
Tedex Broker Scam
Tedex.co is a fraudulent offshore firm based in Saint Vincent and the Grenadines. Upon receiving numerous complaints, Spanish and Belgian regulators issued official warnings against the brokerage, warning citizens to avoid it.
This firm accepts citizens all over the world, including the US.
OBGFX Broker Scam
We also advise you to avoid OBGFX.cc, a firm allegedly based in the UK but without any regulations. The company has a low minimum deposit, starting at $100, but it’s just not worth it.
You have no consumer protection and no money-back guarantee if anything goes wrong.
Capital Forex Broker Scam
There’s CapitalForex.live, another alleged UK-based broker, but again, without the FCA’s approval. The firm allows customers to start with as low as $10 but looks like a typical Ponzi scheme.
There’s no information about trading assets, platforms, or leverage and no Demo account. It seems that after the deposit, you won’t hear back from them.
BitTrust Broker Scam
BitTrust.net is another unlicensed scheme, with the alleged HQ in Switzerland. However, the company never opted for FINMA or any other Tier1 license.
The broker requests an incredibly high initial deposit of 10,000 pounds while offering basic trading tools, such as WebTrader without a mobile app and no Demo account.
GF Markets LLC Broker Scam
One of the longer-lasting scammers still unexposed by regulatory bodies is GFMarketsllc.com. The website belongs to GF Markets LLC and operates from Saint Vincent and the Grenadines.
It offers MT5, a standard initial deposit, bonuses, and trading in all five major markets. However, it doesn’t offer any financial security.
InterCapital.io has Interco Holdings Limited as its owner, a company based in the Commonwealth of Dominica. The firm has no license with FSU or any Tier1 regulatory body.
It offers unregulated leverage and basic WebTrader, while swaps, fees, and other trading costs remain unknown.
Global Profit Broker Scam
Global-Profit.io is an entirely anonymous online trading firm without an owner, headquarters, or trading license. The firm expects customers to pay a minimum deposit of 5,000 EUR without disclosing basic information. We found no reason to trust this broker.
Grand Pacific Trade Scam
One of the biggest schemes out there is GrandPacificTrade.com, a company that claims to have almost half a million well-informed investors.
Yet, there’s no information about the company owner or a license, and the headquarters is offshore. Thus, we wouldn’t call their investor community well-informed or well-satisfied, as a matter of fact.
Lyndon Finance Limited Broker Scam
LyndonFinanceLimited.com is owned by the same-named firm, allegedly based in the UK. It’s a relatively new broker on the financial market, operative since 2021.
This company never gained an FCA license and didn’t provide any valuable trading tools.
Antrush.com started operating in 2022 and has already earned a negative reputation. The firm is anonymous, without any basic information on the website.
While the initial deposit is relatively high, starting at $500, the broker lures clients into investing, offering a reputable platform – MT5. Despite the quality of this trading software, Antrush broker has no other perks, and you have no money-back guarantee.
AxisCapital Broker Scam
While looking solid and professional, another scammer on the financial market is AxisCapital.io. The firm is based in notorious Saint Vincent and the Grenadines and is owned by Raconteur Consulting LLC. This firm has no license and provides illegal financial services.
Intelligence Prime Capital, a.k.a iPrimeCapital.com, is allegedly a Canadian-based broker. The firm offers MT4 and a vast number of trading assets.
However, in-depth research showed us that the broker is banned by the Canadian OSC, BCSC, and New Zealand FMA.
WinGroup Broker Scam
Another broker that found its place on our list is WinGroup.net, an anonymous trading firm scamming clients from Australia to the UK.
We have nothing on the company owner or the headquarters, so we’re pretty sure there’s no regulation either. We advise you to avoid this bogus broker as you should do with all others on this list.
SinaraCorp Broker Scam
With offices in Germany and four regulatory warnings, SinaraCorp.com is an honorary member of this blacklist.
The firm is owned by a shell company with headquarters in the Marshall Islands and allegedly has offices in Germany. Yet, it has no financial regulations or anything to support this statement.
Buffets Finance Scam
Buffets.Finance claims to be based in Australia, owned by Invest PTY LTD. It’s a fresh scam, registered in 2022. The broker has no regulations, and basic trading terms, such as the minimum deposit and the leverage, are nowhere to be found.
Thus, it’s clear that you should stay away from this illicit company.
If you have considered investing with AthensMarkets.co, you should rethink your decision. The firm has been aggressively advertising all over social media since it registered this year and didn’t have many customers.
However, it doesn’t have a regulation either and belongs to Athens Markets LTD, registered in the Marshall Islands. All of this indicates that you will have no guarantee for your funds.
During our research, we found Buxberg.com, a broker allegedly based in Hong Kong. In reality, the firm is owned by Buxberg Ltd and belongs under the law of Saint Vincent and the Grenadines.
This is the only country without a financial regulator ever since the FSA decided to act as a register and direct brokers to opt for a license in the country of service.
The initial deposit is $2,500, and there’s no Demo account, so you will be forced to invest right away.
FTI Finance Broker Scam
FTIFinance.com is a company registered in Belize without any financial regulations. The broker was running a heavy bonus scheme offering its clients up to a 100% bonus and requiring them to repay the amount hundreds of times before being eligible for a withdrawal.
Currently, the domain is inactive and we cannot say whether it’s temporary or if the scammer ran with all the funds.
Super Crypto Capital Scam
A typical example of a bogus unlicensed scammer is SuperCryptoCapital.io. The website was registered in 2021 under the name Green Waves Ltd, but the firm is nowhere to be found. It could be a shell firm or a non-existing entity serving as coverage for SuperCryptoCapital’s scam.
PrimeDeltas Broker Scam
The list goes to PrimeDeltas.com, another offshore broker registered in Belize. The brand is owned by Delta Nomines Ltd but has no regulation offshore or in the Tier1 zone.
Another disturbing thing here is that the broker claims to belong under the law of Saint Vincent and the Grenadines, and we have already elaborated on the issue of this matter.
Searching through regulatory warnings, we found Amplixx.com, a company banned in Spain, Belgium, Norway, and Slovenia. It belongs to Amplixx LLC, registered in Saint Vincent and the Grenadines.
While trading conditions may look appealing with the 5 major asset groups and high leverage, this firm is a secure way to lose your funds.
5markets Broker Scam
Another broker from the same country with a number of regulatory warnings is 5markets.io. The firm also goes under 5markets.cc and 5markets.co, but all these domains lead to fraud.
The owner of the scam is Uncanny Services LLC and is not registered with any financial authority body.
Speaking of offshore firms, there’s GladioluStox.com, registered earlier this year in Mauritius.
This investment brokerage has already vanished after the Italian regulator CONSOB issued an official warning. Up to this day, clients are contacting us trying to get their funds back from this scam.
Optimize Funds Broker Scam
If we checked only the year 2021 and the register of Saint Vincent and the Grenadines, it would be enough to fill this entire list.
Another scheme firm we found there is Optimize Funds owned by Asterisk Group LLC. The firm claims to have 6 different trading awards from 2019 and 2020, but the brand itself was established in 2021. We will rest our case here.
Saint Vincent and the Grenadines also gave us CTmatador.com. It’s an attempt of a boutique broker, asking customers for an initial deposit of $2,500 but providing nothing.
There’s a basic WebTrader, no regulation, and no funds safety.
TradeBaionics Broker Scam
The Italian warning list directed us towards TradeBaionics.com, an anonymous trading fraud. The firm didn’t disclose any basic information while requiring investors to pay and risk $500.
Our TradeBaionics broker review has shown that the broker operates mainly in Europe, Canada, and Australia. Watch your back with this scheme wherever you reside.
Lonmarkets and Brokeragea Scams
Both of these firms have no financial license and offer deposit bonuses against regulatory rules. In addition, both provide unregulated trading conditions, including leverage a lot higher than allowed in the EU, UK, or any other country.
Scandinavian Capital Markets Scam
ScandinavianMarkets.com is one of the most interesting brokers we’ve investigated, trying to convince its customers that Forex is not considered a financial instrument; thus, the firm cannot opt for a license.
The broker has two entities, one in Sweden and one in Vanuatu. The offshore one goes without regulation, and there are no questions asked. However, the Swedish entity is registered with the FI as a business but doesn’t belong under its supervision. Practically, you have no money-back guarantee if something goes wrong.
Firmon Broker Scam
We’ve received numerous complaints against Firmon.com, a Polish-based investment broker owned by Lazdurieksti SP ZOO.
Since Poland is an EU country, the broker should have a license from the KNF or any other EU regulator. Upon research, we proved that the firm is illicit and clients’ funds are at risk.
We would like to add AxeProGroup.com to this list. The firm was blacklisted by the French AMF. It’s registered offshore and has no valid financial license.
All in all, investing your funds with this brokerage is equal to putting all on roulette.
AltimaTrade Broker Scam
With warnings from Spain, Belgium, Slovenia, and Norway, AltimaTrade.pro certainly is a scam. And we have officials to back us up in this statement.
The brand belongs to Shenanigans Consulting LTD from Saint Vincent and the Grenadines and has no regulations.
InvestCorp.Group is another notorious scam operating mainly in the UK, the US, and Italy. The company provides unregulated leverage and basic WebTrader and hasn’t specified any trading conditions.
Thus, you have no reason to risk your funds with this particular firm.
ETHProfits.com is a shady broker that gives us nothing. We don’t know who’s behind the scheme, but we know many fallen victims.
Before investing, ensure to check the broker and whether or not it has a valid regulation. It will change the outcome of your investment process.
CommerceWealth Broker Scam
In the end, we found CommerceWealth.com. The broker has been blacklisted in several countries, including the UK, Belgium, Germany, Spain, and Estonia.
The German Federal Crime Police started an official investigation against the firm.
There are more and more fraudulent firms every month. As you can tell from our list, some fresh brokers have already disappeared, and others will take their place.
Therefore, our work is not done. We will keep searching and exposing scammers and assisting their victims seek justice. Don’t let any unlicensed firm defraud you and vanish. Ensure that you’re up to date with all the market warnings and that you invest your funds only with regulated firms.
Keep up with our work, and come back next month to see a complete list of new schemes we uncovered. We take our job seriously, and you should take it too.
Report a scam before it’s too late, and let us assist you in getting a refund. Taking the first step is hard, but necessary.